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Accounting
Amounts billed to customers for services rendered Cash collected from credit customers Cash disbursements: Payment of rent Salaries paid to employees for services rendered during the year Utilities Advertising Complete this question by entering your answers in the tabs below. Year 2 Year 3 $300,000 $400,000 210,000 350,000 n addition, you learn that the company incurred advertising costs of $20,000 in year 2, owed the advertising agency $4,500 at the end of year 1, and there were no liabilities at the end of year 3. Also, there were no anticipated bad debts on receivables, and the rent payment was for a two-year period, year 2 and year 3. Required 1 75,000 135,000 155,000 25,000 35,000 12,500 30,000 Required: 1. Calculate accrual net income for both years. 2. Determine the amount due the advertising agency that would be shown as a liability on RPG's balance sheet at the end of year 2. Required 2 0

Amounts billed to customers for services rendered Cash collected from credit customers Cash disbursements: Payment of rent Salaries paid to employees for services rendered during the year Utilities Advertising Complete this question by entering your answers in the tabs below. Year 2 Year 3 $300,000 $400,000 210,000 350,000 n addition, you learn that the company incurred advertising costs of $20,000 in year 2, owed the advertising agency $4,500 at the end of year 1, and there were no liabilities at the end of year 3. Also, there were no anticipated bad debts on receivables, and the rent payment was for a two-year period, year 2 and year 3. Required 1 75,000 135,000 155,000 25,000 35,000 12,500 30,000 Required: 1. Calculate accrual net income for both years. 2. Determine the amount due the advertising agency that would be shown as a liability on RPG's balance sheet at the end of year 2. Required 2 0

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Could you please help with attached questions, thanks much.

Listed below are several transactions that took place during the second and third years of operations for the RPG Company. Year 2 Year 3 $300,000 $400,000 210,000 350,000 Amounts billed to customers for services rendered Cash collected from credit customers Cash disbursements: Payment of rent Salaries paid to employees for services rendered during the year Utilities Advertising In addition, you learn that the company incurred advertising costs of $20,000 in year 2, owed the advertising agency $4,500 at the end of year 1, and there were no liabilities at the end of year 3. Also, there were no anticipated bad debts on receivables, and the rent payment was for a two-year period, year 2 and year 3. Complete this question by entering your answers in the tabs below. Required: 1. Calculate accrual net income for both years. 2. Determine the amount due the advertising agency that would be shown as a liability on RPG's balance sheet at the end of year 2. Required 1 Required 2 75,000 135,000 25,000 12,500 0 155,000 35,000 30,000 < Required 1 Determine the amount due the advertising agency that would be shown as a liability on RPG's balance sheet at the end of year 2. Advertising liability at end of Year 2 Required 2 >
Transcribed Image Text:Listed below are several transactions that took place during the second and third years of operations for the RPG Company. Year 2 Year 3 $300,000 $400,000 210,000 350,000 Amounts billed to customers for services rendered Cash collected from credit customers Cash disbursements: Payment of rent Salaries paid to employees for services rendered during the year Utilities Advertising In addition, you learn that the company incurred advertising costs of $20,000 in year 2, owed the advertising agency $4,500 at the end of year 1, and there were no liabilities at the end of year 3. Also, there were no anticipated bad debts on receivables, and the rent payment was for a two-year period, year 2 and year 3. Complete this question by entering your answers in the tabs below. Required: 1. Calculate accrual net income for both years. 2. Determine the amount due the advertising agency that would be shown as a liability on RPG's balance sheet at the end of year 2. Required 1 Required 2 75,000 135,000 25,000 12,500 0 155,000 35,000 30,000 < Required 1 Determine the amount due the advertising agency that would be shown as a liability on RPG's balance sheet at the end of year 2. Advertising liability at end of Year 2 Required 2 >
Listed below are several transactions that took place during the second and third years of operations for the RPG Company. Year 2 Year 3 $300,000 $400,000 210,000 350,000 Amounts billed to customers for services rendered Cash collected from credit customers Cash disbursements: Payment of rent Salaries paid to employees for services rendered during the year Utilities Advertising Complete this question by entering your answers in the tabs below. In addition, you learn that the company incurred advertising costs of $20,000 in year 2, owed the advertising agency $4,500 at the end of year 1, and there were no liabilities at the end of year 3. Also, there were no anticipated bad debts on receivables, and the rent payment was for a two-year period, year 2 and year 3. Required 1 Required 2 Required: 1. Calculate accrual net income for both years. 2. Determine the amount due the advertising agency that would be shown as a liability on RPG's balance sheet at the end of year 2. Calculate accrual net income for both years. Revenues Expenses: Rent Salaries Utilities Advertising Net income Year 2 Year 3 75,000 135,000 25,000 12,500 < Required 1 0 Required 2 > 155,000 35,000 30,000
Transcribed Image Text:Listed below are several transactions that took place during the second and third years of operations for the RPG Company. Year 2 Year 3 $300,000 $400,000 210,000 350,000 Amounts billed to customers for services rendered Cash collected from credit customers Cash disbursements: Payment of rent Salaries paid to employees for services rendered during the year Utilities Advertising Complete this question by entering your answers in the tabs below. In addition, you learn that the company incurred advertising costs of $20,000 in year 2, owed the advertising agency $4,500 at the end of year 1, and there were no liabilities at the end of year 3. Also, there were no anticipated bad debts on receivables, and the rent payment was for a two-year period, year 2 and year 3. Required 1 Required 2 Required: 1. Calculate accrual net income for both years. 2. Determine the amount due the advertising agency that would be shown as a liability on RPG's balance sheet at the end of year 2. Calculate accrual net income for both years. Revenues Expenses: Rent Salaries Utilities Advertising Net income Year 2 Year 3 75,000 135,000 25,000 12,500 < Required 1 0 Required 2 > 155,000 35,000 30,000
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